The underwriting profitability of Qatar Insurance Company (QIC), among the leading insurers in the Middle East, has improved in recent years, evidenced by a net/gross combined ratio of 94.5% in the first nine months of 2025 and 95.5% in 2024, notes AM Best.
The global credit rating agency said in a recent report, “These results follow multiple years of volatile profitability, which were adversely impacted by natural catastrophe losses and other events such as changes in the UK’s Ogden discount rate and COVID-19-related business interruption losses. Going forward, the group is expected to continue to report robust and less volatile underwriting performance, as a result of corrective measures implemented by management.”
Ratings affirmed
AM Best has affirmed the Financial Strength Rating of ‘A-’ (Excellent) and the Long-Term Issuer Credit Ratings of ‘a-’ (Excellent) of QIC and its subsidiary, Antares Reinsurance Co (Antares Re). The outlook of these credit ratings is ‘Stable’.
The ratings reflect QIC’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as the group’s adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings of Antares Re factor in its strategic importance to QIC.
Balance sheet strength
QIC’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and is supported by good financial flexibility, a relatively conservative investment portfolio by asset class and low reinsurance dependence. An offsetting factor is the exposure of QIC’s assets toward Qatar and the Gulf Cooperation Council (GCC) countries, which exposes the group to moderate financial system risk.
The group is geographically well-diversified, with insurance operations in the Middle East and multi-channel international platforms under the Antares Global brand, including a Bermuda-domiciled reinsurer (Antares Re), a Lloyd's platform (Syndicate 1274) and carriers in Europe. The business mix has changed in recent years, with the group significantly reducing its exposure to UK motor insurance since 2022 in favour of GCC risks.